Corporate Governance

Rascall Flats will be appearing in an extended engagement, band members hope, in Gainesville, Florida.   The famed country band chose Celebration Pointe, an under-development town center heavy on dining and entertainment options, as the site for one of the first Rascall Flatts Bar & Grills The very first is due to open in Cleveland, with Los Angeles and Connecticut to follow.  

A department store chain is pursuing a new business opportunity.   J.C. Penney now offers business-to-business solutions for operators and facility managers in the hotel and lodging industry, as well as the multi-unit residential industry. And the chain has a few categories that fit the bill.   

Destination XL Group Inc. posted disappointed earnings and sales in its first quarter, but sounded a confident note that it was back on track.   In its quarterly earnings release, the big-and-tall apparel retailer also refuted a recent report, which it said had been repeated by various media outlets, that called into question the company’s ability to repay its debt.  

The City of Angels has joined the growing list of cities that will feature an Amazon Books store.   Amazon submitted a building application to open a 5,227-sq.-ft. suite at the Westfield Century City mall in Los Angeles on May 9. The online retailer received initial plan check approval the same day, according to a record on the L.A. Department of Building and Safety website.  

Walmart showed its muscle in the first quarter, reporting a big jump in online sales, an increase traffic at its U.S. stores, and earnings that beat the Street.   

Ace Hardware reported a slight increase in revenue during the first quarter, as well as more substantial progress in net income.   Revenue came in at $1.2 billion, up 0.1% from the first quarter of 2016. Net income of $28.3 million was up 8.4% over the year.   Same-store sales were down 0.2% due to decreased customer traffic, reported by the approximately 3,000 Ace retailers who share daily retail sales data.  

Although Walmart is an old-school retailer, it is not afraid to learn new tricks and to shift its thinking. This youthful and innovative approach has helped it deliver another solid set of results in a highly competitive market.  

Ikea is looking to expand in presence in North Carolina.   The retailer said it is submitting plans to the Town of Cary, N.C., for a potential Raleigh-area store, which would be the second Ikea location in the state. The proposed 15-acre site would be located adjacent to the existing Cary Towne Center, approximately 12 miles west of downtown Raleigh and two miles from downtown Cary.  

Yesway has expanded its store network.   The convenience store company announced it has acquired 35 Wes-T-Go and Chillerz stores in Abilene, Texas. The acquired stores will be added to Yesway’s existing portfolio of 38 locations currently operating in Iowa and Kansas.  

The Buckle is losing its finance chief.   The apparel retailer on Thursday said that Karen B. Rhoads, senior VP of finance and CFO, will retire later this summer. She will continue to serve as a member of the board. Rhodes joined the Buckle in 1980, and has served as CFO since 1991.     The retailer has hired an executive search firm to assist with the search for Rhoads’ replacement. Rhoads will remain in her role to support the search and to assist with the transition.